04:12:57 EDT Mon 13 Jul 2020
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Sernova closes $2.25M second tranche of financing

2019-09-03 11:40 ET - News Release

Mr. Dominic Gray reports

SERNOVA ANNOUNCES SECOND CLOSING OF PRIVATE PLACEMENT

Sernova Corp. has completed a second closing of $2,251,065 of its non-brokered private placement (announced on July 25, 2019) of which an additional $67,400 was closed under the existing shareholder exemption. Total proceeds to date are $4,584,565.

In addition, the company is increasing the maximum offering, for a total of up to $5.5-million of units. Each unit in the offering is priced at 20 cents per unit and consists of one common share and one common share purchase warrant. Each warrant will be exercisable into one share at a price of 30 cents per share for a period of 36 months.

The company plans to close the balance of the placement later this week.

Net proceeds from the increased portion of the private placement will be used to support financing of Sernova's clinical program, including its Food and Drug Administration-cleared United States phase I/II regenerative medicine clinical trial, and to advance corporate/academic collaborations utilizing the company's platform technology to treat diabetes, hemophilia and other serious disease conditions, as well as for investor relations and general corporate purposes.

Completion of the private placement is subject to the approval of the TSX Venture Exchange. All securities issued in connection with the private placement will be subject to a statutory hold period of four months.

About Sernova Corp.

Sernova is developing regenerative medicine therapeutic technologies using a medical device and immune protected therapeutic cells (that is human donor cells, corrected human cells and stem-cell-derived cells) to improve the treatment and quality of life of people with chronic metabolic diseases such as insulin-dependent diabetes, blood disorders including hemophilia, and other diseases treated through replacement of proteins or hormones missing or in short supply within the body.

We seek Safe Harbor.

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